Corporate governance practices and its impact on working capital management， evidence from sri lanka

Research Journal of Finance and Accounting www.iiste.org

ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)

Vol.4, No.3, 2013

23

Corporate Governance Practices and Its Impact on Working

Capital Management: Evidence from Sri Lanka

Kajananthan, R.a Achchuthan, S.

b

a University of Jaffna, e-mail: [email protected]

b University of Jaffna, e-mail: [email protected]

Abstract

The main objective of the study is to find out the impact of corporate governance practices on Working capital

management. Secondary literature reviews and Secondary data collection methods were used to conduct the study.

Twenty five listed manufacturing firms were selected as sample size in Colombo Stock Exchange for the period from

2007 to 2011. Multiple Regression Analysis was utilized to find out the significant impact of corporate Governance

practices on the Working Capital Management. The results revealed that there is a significant impact of corporate

Governance practices on current liabilities to total assets in working capital management. In contrast, the cash

conversion cycle and the current assets to total assets are not influenced by the corporate governance practices.

Based on the findings, we recommended to the policy makers in the corporate governance practices to establish the

models of corporate governance that must be suitable to the manufacturing sector in Sri Lanka to ensure the survival,

solvency, and profitability of the business.

Keywords: Corporate Governance practices, Manufacturing companies and Working Capital Management

Efficiency.

1. Background of the study

Global financial crisis points out the importance of a strong corporate governance and financial management for the

companies in international level. Effective financial management decisions in the field of horizontal and vertical

structure of capital, insurance of short-term and long-term capital, maintaining liquidity and solvency are

viewed as a key function in the creation of competitive advantages ( Ivanovic, Baresa and Bogdan, 2011).

Corporate governance is about putting in place the structure, processes and mechanism that ensure that the firm is

being directed and managed in a way that enhances long term share holder value through accountability of managers

and enhancing organizational performance (Velnampy, 2013).Australian Standard, on the corporate governance

principles (2003) viewed the corporate governance as the process, by which organizations are directed, controlled

and held to account. This implies that corporate governance encompasses the authority, accountability, stewardship,

leadership, direction and control exercised in the process of managing organizations. Further, Morin and Jarrell

(2001) argued that the corporate governance mechanism is a framework that controls and safeguards the interest of

the relevant players in the market which include managers, employees, customers, shareholders, executive

management, suppliers and the board of directors. Comparing with the approach of Australian Standard, Morin and

Jarrell (2001) have jointly approached the corporate governance in the holistic way; it implies that, corporate

governance practices are the strategies which should be formulated, in line with the short, medium and long term

objectives of the company with the interest of stakeholders.

In the short term objective of the companies, the working capital management is viewed as one of the key

mechanism. And also working capital management is considered to be a vital issue in financial management decision

and it has its effect on liquidity as well as on profitability of the firm. Moreover, an optimal working capital

management positively contributes in creating firm value ( Bagchi and Khamrui, 2012). In this context, the main

responsibilities of the board in the corporate governance practices are viewed as (1) ensuring effective systems to

secure integrity of information, internal control and risk management; (2) ensuring that the company’s values and

standards are set with emphasis on adopting appropriate accounting policies and fostering compliance with financial

regulations (Code of best practice on corporate governance, 2008). Furthermore, working capital management is vital

especially for manufacturing firms, where a major part of the assets is composed of current assets. It directly affects

the profitability and liquidity of the firms. Also profitability liquidity tradeoff is important because if working capital

management is not given due consideration then firms are likely to fail and face bankruptcy ( Raheman, Afza,

Qayyum and Ahmed bodla , 2010; Raheman and Nasr,2008). In this context, the working capital is known as life

giving force for any economic unit and its management is considered among the most important function of

corporate management. Due to that, every organization whether, profit oriented or not, irrespective of size and nature



Vol.4, No.3, 2013

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of business, requires necessary amount of working capital for smooth functioning of the organization. Working

capital is the most crucial factor for maintaining liquidity, survival, solvency, and profitability of the business

(Raheman et al., 2010; Mukhopadhyay, 2004). Therefore the manufacturing firms in the globalised level should take

the action to get the better frame work in the working capital management through the corporate governance

practices to achieve goals as survival, solvency, and profitability of the business. Finally A study on Corporate

Governance practices and Working Capital Management among manufacturing firms from an emerging market like

Srilanka, in the South Asian Context, can be fruitful empirical work, which may likely to differ from other

developing countries in world wide. Due to that, this study is focused to answerer the research question as:

What extent the Corporate Governance Practices influence on the Working Capital Management

2. Objectives of the study

The main objective of the study is to find out the significant impact of corporate governance practices on Working

capital management.

3. Theoretical and empirical perspective: corporate governance practices and working capital management.

Corporate governance received much attention during the last two decades owing to certain economic reforms in

countries and accidents of economic history such as regional market crisis and large corporate debacles ( Senaratne

and Gunaratne,2008). Corporate governance is considered as the significant implications for the growth of an

economy. Good corporate governance practices are important in reducing risk for investors; attracting investment

capital and improving the performance of companies (Velnampy & Pratheepkanth, 2012) .Scholars normally

describe the evolution of the corporate governance in terms of changes in relationship between ownership and

control (Chandler, 1977; Fligstein, 1990). The idea of corporate governance was quickly adopted in different parts of

the world but with some major variations because circumstances vary from country to country (Mulili and Wong,

2011). In this context, two main approaches of corporate governance can be identified as Agency theory and

Stewardship theory. According to the Kiel and Nicholson (2003), Agency theory is viewed as the separation of

control from ownership. It implies that the professional managers manage a firm on behalf of the firm’s owners.

Further , a solution was given to the agency conflict that a firm’s top management should have a significant

ownership of the firm in order to secure a positive relationship between corporate governance and the amount of

stock owned by the top management (Mulini and Wong, 2011; Mallin, 2004). In contrast the Stewardship theory is

considered as stake holder’s theory. The theory suggests that a firm’s board of directors and its CEO, acting as

Stewards, are more motivated to act in the best interests of the firm rather than for their own selfish interests ( Mulini

and Wong, 2011). Furthermore, Kajananthan (2012) have identified the dimensions of the corporate governance

practices as leadership style, board committee, board size, board meeting, and board composition in the SriLankan

Manufacturing firm’s perspective.

In finance literature there is a common opinion about the importance of working capital management (Raheman and

Nasr, 2008). Working capital is important factor and considered as the factor which is affecting capital investment.

(Velnampy,2005 & 2005), Efficient working management includes planning and controlling of current liabilities and

assets in a way it avoids excessive investments in current assets and prevents from working with few current assets in

sufficient to fulfill the responsibilities ( Mehmet and Eda , 2009). Cash conversion cycle is considered as key

measure to determine the efficiency in working capital management. Further, cash conversion cycle for a firm is the

period during which it is transited from money to good and again to money ( Deloof, 2003; Raheman and Nasar,

2008; Mehmet and Eda, 2009). According to Harris (2005) working capital management is a simple and straight

forward mechanism of ensuring the ability of the firm to fund the difference between the short term assets and short

term liabilities. And also , it has been covered by the activities of the company related to the vendors, customers and

products (Hall, 2002; Azam and Haider, 2011). Due to that, now a day, working capital management has been

considered as the main central issues in the financial management by the executive / managers (Azam and haider,

2011; Lamberson, 1995).

Generally corporate governance practices were linked with firm performance, capital structure and share holder

value (Kajananthan, 2012; Kumudini, 2011). Mean while working capital management is connected with

profitability, firms performance, firm size. But, we have linked the both concept as corporate governance practices

and working capital management in our study. In the desk study, we have found the literature gap in the studies on

corporate governance practices and working capital management. Hawawini, Viallet and Vora (1986) have

approached the influence of a firm’s industry on its working capital management. They concluded that there is a



Vol.4, No.3, 2013

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substantial industry effects on firm working capital management practices. In this context, Moussawi, Laplante,

Kieschnick and Baranchuk (2006) have approached corporate working capital management and its determinants &

consequences. They have focused on the U.S public corporation from 1990 to 2004 and concluded that industry

practices, firm size, future firm sales growth, the proportion of outside directors on a board, executive compensation,

and CEO share ownership significantly influence the efficiency of a company’s working capital management

.Further, they have pointed that the larger the proportion of outsiders on firm’s board, the better its working capital

management performance. And the larger the CEO’s current compensation the better the firm’s working capital

management performance. Harford, Mansi and Maxwell (2008) have focused on the study on the corporate

governance and firm cash holdings in the U.S context; they have found that, firms with weaker corporate governance

structures actually have smaller cash reserves. When distributing cash to shareholders, firms with weaker governance

structures choose to repurchase shares instead of increasing dividends, avoiding future payout commitments. The

combination of excess cash and weak shareholder rights leads to increases in capital expenditures and acquisitions.

Firms with low shareholder rights and excess cash have lower profitability and valuations. (Harford, Mansi, and

Maxwell, 2008).

4. Conceptualization

Based on the research question and objectives of the study, the following conceptual model has been constructed.

Figure no 1: Conceptualization Model (Authors constructed model)

Where:

CGP: Corporate Governance Practices

WCME: Working Capital Management

BLS: Board Leadership Structure

BS: Board Size

BC: Board Committees

BM: Board Meeting

CGP

BLS

BS

BC

BM

WCME



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26

5. Design of the variables: operationalisation and measurement of variables

Table No 1: Design of the variables

Board Leadership structure, Board size, Board committees and Board meeting are considered as the key variables to

determine the corporate governance practices (Kumudini, 2011; Kajananthan, 2012). And also, Cash conversion

cycle , Current Assets to Total Assets, Current Liabilities to Total Assets are viewed as the key dimensions to

determine the working capital management ( Mehmet and Eda, 2009; Azam and Haider, 2011; Raheman, Afza,

Qayyum and Bodla, 2010).

6. Hypotheses of the study

H1: There is a significant impact of corporate Governance practices on the Cash Conversion cycle.

H2: There is a significant impact of corporate Governance practices on the Current Assets to Total Assets.

H3: There is a significant impact of corporate Governance practices on the Current Liabilities to Total Assets.

7. Methodology

7.1. Data Collection

Data on corporate governance and working capital management were collected from secondary sources as Annual

reports of the manufacturing companies, Colombo stock exchange publications and universal resource locator of the

Colombo stock exchange.

7.2. Sample Selection

Twenty five listed manufacturing firms were selected as sample size in Colombo Stock Exchange. Data on the

corporate governance practices and working capital management from the year 2007 to 2011 were collected for the

study purpose. Further, earlier mentioned firms have been selected based on the availability of data on the corporate

governance practices and working capital management of the listed manufacturing firms in SriLanka.

7.3. Data Analysis Method

Various Statistical methods have been utilized to compare the data collection from twenty five listed manufacturing

firms in Colombo Stock Exchange on corporate governance practices and working capital management.

Descriptive statistics used to test the sample characteristics. Inferential statistics which involves in drawing

conclusions about a population based only on sample data. It includes regression analysis. Regression analysis is

used to find out the significant impact of corporate governance practices on the working capital management.

Concept Variables Measures Symbols

Corporate Governance

Practices

Board Leadership

Structure

1 for separate Leader ship and 2 for

combined Leadership

BLS

Board Size Number of Directors BS

Board Committees

Number of Committees BC

Board Meeting

Number of Meeting BM

Working Capital

Management Efficiency

Cash Conversion Cycle

Accounts receivable period +

Inventory turnover period - Accounts

Payable Period)

CCC

Current Assets : Total

Assets

Current Assets / Total Assets

CA/TA

Current Liabilities: Total

Assets

Current Liabilities/ Total Assets CL/TA



Vol.4, No.3, 2013

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8. Results and analysis

8.1. Descriptive Statistics

Table No 2: Descriptive Statistics of the study

Dimension Mean Standard Deviation

Board Leadership Structure 1.40 .50

Board Committee 2.00 0.64

Board Meeting 7.64 3.92

Board size 7.48 2.10

Cash Conversion Cycle (days)

126

156

Current Assets : Total Assets

0.50 0.18

Current Liabilities: Total Assets

0.36 0 .26

Based on the mean value in the descriptive studies, Cash Conversion Cycle is not line with the standards. According

to the Charted Institute of Management Accountants(Improving cash flow using credit Management), Over 85 days

denote the high risk in the working capital management. In this study, Cash Conversion Cycle has the period which

is beyond the standard days. Due to that, we are able to come to the conclusion that extension of cash conversion

cycle can increase the sales, thus profit of the firm. But increasing the need for working capital in parallel with the

extension of the conversion cycle brings together an additional financing cost ( Deloof, 2003; Raheman and Nasar,

2007; Mehmet and Eda, 2009).

8.2. Multi-Co Linearity

Two major methods were used in order to determine the presence of multi-co linearity among independent variables

in this study. These methodologies involved calculation of a Tolerance test and variance inflation factor (VIF)

(Ahsan et al., 2009). Test of Co linearity, None of the tolerance level is < or equal to 1; and also VIF values are

perfectly below 10.Thus the measures selected for assessing independent variable in this study do not reach levels

indicate of multi-co linearity and also the acceptable Durbin Watson range is between 1.5 and 2.5 .

8.3. Regression Analysis

The purpose of regression analysis is to find out the significant impact or influence of independent variable on

dependent variable (Ndubisi,2006).In this study, corporate governance practices is considered as independent

variable or predictor variable, and the working capital management efficiency is considered as dependent variable.



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Corporate Governance Practices on Cash Conversion Cycle

Table No 03: Multiple regression analysis for corporate governance practices on cash conversion cycle.

Variable Beta t-value p-value Model summary

R square F-value Sig

Constant .291 .774

0.182

1.113

0.378 Board Leadership

Structure

- .267 -1.223 .236

Board Committee .388 1.741 .097

Board Meeting .012 .051 .960

Board size -.030 -.128 .900

NOTE: Significant at 0.05 levels.

The results of the regression analysis summarized in table no 03 show that cash conversion cycle is not influenced by

corporate governance practices (F=1.113; P > 0.05) . Based on the R square value, we are able to come to the point

that, the predictor power of the corporate governance practices on the cash conversion cycle is in the lowest level (R2

= 0.182). It implies that, 18 percentage of variation has been found.

Therefore the hypothesis one is rejected, it means that, there is no significant impact of corporate Governance

practices on the Cash Conversion cycle.

Corporate Governance Practices on Current Assets to Total Assets

Table No 04: Multiple regression analysis for corporate governance practices on Current Assets to Total Assets



Constant 1.694 .106

0.093

0.510

0.729

Board Leadership

Structure

.276 1.199 .244

Board Committee -.135 -.576 .571

Board Meeting -.099 -.404 .691

Board size -.048 -.190 .851


The decision on the current assets to total assets is not influenced by corporate governance practices (F=0.510; P >

0.05) . Based on the R square value, we are able to come to the point that, the predictor power of the corporate

governance practices on the current assets to total assets is in the weakest level (R2 = 0.093). It implies that, only the

9 percentage of variation has been found.

Therefore the hypothesis two is rejected, it means that, there is no significant impact of corporate Governance

practices on current assets to total assets.



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Corporate Governance Practices On Current Liabilities To Total Assets

Table No 05: Multiple regression analysis for corporate governance practices on Current Liabilities to Total Assets


The decision on the current liabilities to total assets is influenced by corporate governance practices (F=3.133; P <

0.05). In which, the decision on the current liabilities to total assets is influenced by the Board Committee in the

corporate governance practices. In contrast, the decision is not influenced by the board Leadership Structure, Board

Meeting and Board size in the corporate governance practices.

Overall , Based on the Model summary, We are able to come to the point that, the predictor power of the corporate

governance practices on the current liabilities to total assets is in the better level (R2

= 0.385). It implies that, 38

percentage of variation has been found. This is significant at 0.05 levels.

Therefore the hypothesis three is accepted, it means that, there is a significant impact of corporate Governance

practices on current liabilities to total assets.

9. Discussion and conclusion

Based on the overall study findings, we are able to come to the point that, there is a significant impact of corporate

Governance practices on current liabilities to total assets. In contrast, the cash conversion cycle and the decision on

the current assets to total assets are not influenced by the corporate governance practices. According to the

descriptive statistics, 50 percentage of the total assets is maintained in current assets by the listed manufacturing

firms in the srilalnka. And also, 36 percentage of total assets is considered as the current liabilities. With the help of

these measures, we are able to come to the point that, the liquidity position of the listed manufacturing firms in the

srilalnka is in the favorable way. Further, the investment in the current assets is enough to fulfill the current liabilities

of the firms successfully. In contrast, cash conversion cycle of the firms is in the question mark. Because, 126 days

are needed to the listed manufacturing firms for transforming the goods in to cash or high liquid form (industry

average is derived from the mean value of the cash conversion cycle). Over 85 days denote the high risk in the

working capital management (Charted Institute of Management Accountants). In this study, Cash Conversion Cycle

has the period which is beyond the standard days. Furthermore, cash conversion periods are in the high fluctuation

(Standard Deviation as 156 days). In which, each firms have the different policies in the collection and payment

procedures. Due to that, effective policies in the working capital management must be formulated through the

corporate governance practices in the listed manufacturing firms in SriLanka. Especially the financial management

professionals should focus on the payment, collection and inventory management policies of the firms to give the

better strategic solutions or alternatives in the dynamic and hyper competitive environment.

Finally, in the Srilankan context, corporate governance practices should be reviewed. In this context, board

perspective should be adopted in future corporate governance reforms based on the stake holder approach to

corporate governance rather than focusing only on the share holder primacy which gives a narrow connotation to

corporate governance. Further greater independence and authority needs to be granted to oversight committees

within the firm. In particular, the roles and functions of the remuneration and audit committees need to be

strengthened. This will serve to facilitate both transparency and accountability within firm ( Senaratne and

Gunaratne,2008).



Constant 2.999 0.007

0.385

3.133

0.037

Board Leadership

Structure

.164 .865 0.397

Board Committee -.597 -3.089

0.006

Board Meeting -.248 -1.230

0.237

Board size -.196 -.950 0.354



Vol.4, No.3, 2013

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Annexure 1:

Listed Manufacturing companies in the Sri Lankan Context. ( Sample firms)

1. SAMSON INTERNATIONAL PLC

2. SIERRA CABLES PLC

3. CHEVRON LUBRICANTS LANKA PLC

4. DANKOTUWA PORCELAIN PLC

5. RICHARD PIERIS EXPORTS PLC

6. ROYAL CERAMICS LANKA PLC

7. PIRAMAL GLASS CEYLON PLC

8. LANKA WALLTILES PLC

9. KELANI TYRES PLC

10. CENTRAL INDUSTRIES PLC

11. ACME PRINTING & PACKAGING PLC

12. DIPPED PRODUCTS PLC

13. TOKYO CEMENT COMPANY (LANKA) PLC

14. SINGER INDUSTRIES (CEYLON) PLC

15. LANKA CERAMIC PLC

16. PRINT CARE PLC

17. SWADESHI INDUSTRIAL WORKS PLC

18. HAYLES EXPORTS PLC

19. KELANI CABLES PLC

20. BOGALA GRAPHITE LANKA PLC

21. REGNIS (LANKA) PLC

22. LANKA FLOORTILES PLC

23. ALUFAB PLC

24. CEYLON GRAIN ELEVATORS PLC

25. ACL CABLES PLC

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Corporate governance practices and its impact on working capital management， evidence from sri lanka